Market Overview:
The global payroll outsourcing market reached a value of US$ 8.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2027, exhibiting a CAGR of 5.11% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Payroll outsourcing refers to the usage of third-party sources and organizations to manage administrative and compliance operations. It involves maintaining employee records, calculating salaries and wages, computing and adding bonuses, generating payroll-related reports, and complying with taxation laws applicable in different countries. It also assists organizations in saving costs and time, and reducing the need for in-house trained payroll staff, and purchasing and maintaining appropriate software packages. Besides this, it provides organizations dealing internationally with the advantage of staying updated with foreign tax legislation and avoiding any potential penalties.
Due to the expanding geographical reach of organizations, there is a rise in the demand for time-saving and cost-effective measures, such as payroll outsourcing, that allow the management to focus on core issues and run the business smoothly. Moreover, the incorporation of digitized services, such as business analytics, big data and the cloud, is escalating the demand for payroll outsourcing across the globe. Furthermore, the rising trend of multi-country payroll outsourcing (MCPO), bundling payroll services and process automation is further contributing to the market growth. Apart from this, the leading players are providing hybrid payroll solutions that enable companies to decide upon customized payroll sub-services as per the requirement to avoid compromising confidential data. Additionally, on account of the spread of the coronavirus disease (COVID-19) and the consequent shift toward remote work by a number of organizations, market players are offering different ways to manage payroll operations online.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global payroll outsourcing market report, along with forecasts for growth at the global and regional level from 2022-2027. Our report has categorized the market based on type, application and end use industry.
Breakup by Type:
- Full-Managed Outsourcing
- Co-Managed Outsourcing
Breakup by Application:
- Small Business
- Medium Business
- Large Business
Breakup by End Use Industry:
- BFSI
- Consumer and Industrial Products
- IT and Telecommunication
- Public Sector
- Healthcare
- Others
Breakup by Region:
- North America
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market with some of the key players being Accenture Plc, ADP Group Companies, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc., Wipro, Workday Inc., Xerox Corporation and Zalaris.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Billion |
| Segment Coverage |
Type, Application, End Use Industry, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Accenture Plc, ADP Group Companies, Deloitte Touche Tohmatsu Limited, Hewlett Packard Enterprise Company, Infosys Limited, International Business Machines Corporation, Intuit Inc., Paychex Inc., Wipro, Workday Inc., Xerox Corporation and Zalaris |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the global payroll outsourcing market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global payroll outsourcing market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end use industry?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global payroll outsourcing market and who are the key players?
- What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Payroll Outsourcing Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Type
6.1 Full-Managed Outsourcing
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Co-Managed Outsourcing
6.2.1 Market Trends
6.2.2 Market Forecast
7 Market Breakup by Application
7.1 Small Business
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Medium Business
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Large Business
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by End Use Industry
8.1 BFSI
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Consumer and Industrial Products
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 IT and Telecommunication
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Public Sector
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Healthcare
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Others
8.6.1 Market Trends
8.6.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Accenture Plc
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 ADP Group Companies
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.2.3 Financials
14.3.2.4 SWOT Analysis
14.3.3 Deloitte Touche Tohmatsu Limited
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 SWOT Analysis
14.3.4 Hewlett Packard Enterprise Company
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.4.4 SWOT Analysis
14.3.5 Infosys Limited
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.5.3 Financials
14.3.5.4 SWOT Analysis
14.3.6 International Business Machines Corporation
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Intuit Inc.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.7.3 Financials
14.3.7.4 SWOT Analysis
14.3.8 Paychex Inc.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Wipro
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 Workday Inc.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Xerox Corporation
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.11.3 Financials
14.3.11.4 SWOT Analysis
14.3.12 Zalaris
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
List of Figures
Figure 1: Global: Payroll Outsourcing Market: Major Drivers and Challenges
Figure 2: Global: Payroll Outsourcing Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Payroll Outsourcing Market: Breakup by Type (in %), 2021
Figure 4: Global: Payroll Outsourcing Market: Breakup by Application (in %), 2021
Figure 5: Global: Payroll Outsourcing Market: Breakup by End Use Industry (in %), 2021
Figure 6: Global: Payroll Outsourcing Market: Breakup by Region (in %), 2021
Figure 7: Global: Payroll Outsourcing Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 8: Global: Payroll Outsourcing (Full-Managed Outsourcing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Payroll Outsourcing (Full-Managed Outsourcing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Payroll Outsourcing (Co-Managed Outsourcing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Payroll Outsourcing (Co-Managed Outsourcing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Payroll Outsourcing (Small Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Payroll Outsourcing (Small Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Payroll Outsourcing (Medium Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Payroll Outsourcing (Medium Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Payroll Outsourcing (Large Business) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Payroll Outsourcing (Large Business) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Payroll Outsourcing (BFSI) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Payroll Outsourcing (BFSI) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Payroll Outsourcing (Consumer and Industrial Products) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Payroll Outsourcing (Consumer and Industrial Products) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Payroll Outsourcing (IT and Telecommunication) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Payroll Outsourcing (IT and Telecommunication) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Payroll Outsourcing (Public Sector) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Payroll Outsourcing (Public Sector) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Payroll Outsourcing (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Payroll Outsourcing (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Payroll Outsourcing (Other End Use Industries) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Payroll Outsourcing (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: North America: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: North America: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: United States: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: United States: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Canada: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Canada: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Asia Pacific: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Asia Pacific: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: China: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: China: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Japan: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Japan: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: India: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: India: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: South Korea: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: South Korea: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Australia: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Australia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Indonesia: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Indonesia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Europe: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Europe: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Germany: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Germany: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: France: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: France: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: United Kingdom: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: United Kingdom: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Italy: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Italy: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Spain: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Spain: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Russia: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Russia: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Latin America: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Latin America: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Brazil: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Brazil: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Mexico: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Mexico: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Others: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Others: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Middle East and Africa: Payroll Outsourcing Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Middle East and Africa: Payroll Outsourcing Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Global: Payroll Outsourcing Industry: SWOT Analysis
Figure 79: Global: Payroll Outsourcing Industry: Value Chain Analysis
Figure 80: Global: Payroll Outsourcing Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Payroll Outsourcing Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Payroll Outsourcing Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Global: Payroll Outsourcing Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: Global: Payroll Outsourcing Market Forecast: Breakup by End Use Industry (in Million US$), 2022-2027
Table 5: Global: Payroll Outsourcing Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Payroll Outsourcing Market Structure
Table 7: Global: Payroll Outsourcing Market: Key Players